Bank of England granted political independence

On May 6, 1997, British Chancellor of the Exchequer Gordon Brown announced that the Bank of England would be granted political independence for the first time in the three-hundred year history of the Bank. This policy was statutized in the subsequent Bank of England Act of 1998 gave the Bank independent control of British monetary policy effective June 1, 1998.



Learn more about the Bank of England Act of 1998 from the Treasury of the United Kingdom.

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This Day at Law is JURIST's platform for legal history, highlighting interseting and important developments that shaped the law and the world.

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